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Spanish property market continues to offer bargains

Spanish property market continues to offer bargains

Spanish property market continues to offer bargains

By: Nick Marr -  Category: Spain - Added: 2012-06-12

While Spain’s economy continues to suffer under the weight of huge banking losses, the country’s property market continues to offer huge property bargains to canny investors.  Estate agents believe that prices in parts of the country have fallen by up to 50 per cent from their peak, with banks desperate to offload property assets.

However, if you’re thinking of grabbing a Spanish property bargain, it’s vital that you don’t cut corners or fail to do your research.  If you don’t heed our expert’s advice below, you could end up out of pocket.

Experts warn Spanish bargain hunters to beware

The Guardian reports that ‘there are reports of bargain hunters flocking to Spain to buy at knockdown prices, lured by scores of websites promising ultra-cheap properties and loans’.  Spain built 760,000 new homes in 2009 – five times as many as the UK.  Many of these are now empty thanks to developers going bust and a slump in demand due to Spain’s high levels of unemployment.

While there are plenty of property bargains to be found in the country, experts are warning that buyers should still tread carefully when buying homes in Spain.

Claire Nessling, an overseas property expert, told the Guardian: “Be very selective. Many so-called bargains are being offered at bargain basement prices because they are of poor quality and in undesirable locations.

While Spanish banks are keen to offload property at knockdown prices, it’s vital that you do your homework.  You could end up purchasing a flat in a so-called ‘ghost town’ where there are hundreds of flats but precious few residents.

In addition, it’s vital that you take property legal advice when you buy property in Spain.  If you don’t, you could end up facing taxes and charges you don’t expect.  In addition, failing to get the right advice could leave you with problems in the future if the correct planning consent wasn’t obtained or if there are issues over title and ownership.


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